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stock market, despite all those worries about the fiscal cliff and slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market, the rest of us are worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. the stock has yet to climb its way back to the ipo price. >> number seven, mother meyer. the new ceo of yahoo! who announced she was just going to take a two week maternity leave as she tried to turn this company around. 37 years old, it looks like a mother's touch is what yahoo needed. >> mother nature. an intense drought in the midwest that scorched the corn and sky crop sending prices sky high. who can forget super storm sandy? neighborhoods along the northeast swept away, millions without power and damages as high as 50 billion dollars raising lots of questions about u.s. infrastructure and whether we should be spending money to fix it. >> china. is china slowing or leading the world. we kn
stock market, despite all those worries about the fiscal cliff and slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market, the rest of us are worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. the stock has yet to climb its way back to the ipo price. >> number seven, mother meyer. the new...
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cliff, will the economy get sucked back into a recession or is a compromise possible? words of wisdom from a wall street journal senior writer right after this break. "wall street journal" senior writer right after this break. [ cellphone chirping ] [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] recession or is a compromise [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. [ male announcer ] when diarrhea hits, kaopectate stops it fast. powerful liquid relief speeds to the source. fast. [ male announcer ] stop the uh-oh fast with kaopectate. >>> we hear plent at this of chatter from pundits that democrats and republicans need to come together. let's get real. president obama has already given a lot more ground than the republicans have, so my advice to senator reid and president o
cliff, will the economy get sucked back into a recession or is a compromise possible? words of wisdom from a wall street journal senior writer right after this break. "wall street journal" senior writer right after this break. [ cellphone chirping ] [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] recession or is a compromise [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live...
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meant to be a temporary boost to the economy. and in the fiscal cliff, it is really temporary. they're not going to extend it. >> how important it is, the markets are not open today but they're going to be open tomorrow, that there is some real deal in hand from the senate side and the house side to indicate there is stability here? >> so look, you had a good year for stocks, s&p 500 up 13%. you had stocks up very strongly on the last trading day that they could trade, right? they are anticipating a deal. if you don't get a deal, markets are closed today if you don't get a deal it would be tough for tocks. if you do get a deal -- >> i want to interrupt you for a moment. i want viewers to know what we're watching here. this is live at the white house. the vice president getting into the motorcade there. you can see the secret service outside. the vehicle. and of course the motorcade traveling to the hill where he'll be meeting with the house democrats to talk about pushing forward on the house side. i think we're turning some tape here. you can actually see the vice president, h
meant to be a temporary boost to the economy. and in the fiscal cliff, it is really temporary. they're not going to extend it. >> how important it is, the markets are not open today but they're going to be open tomorrow, that there is some real deal in hand from the senate side and the house side to indicate there is stability here? >> so look, you had a good year for stocks, s&p 500 up 13%. you had stocks up very strongly on the last trading day that they could trade, right?...
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it appears for nous, the talks to avoid the fiscal cliff have run into some major road blocs. but those discussions will continue on some level. >>> republicans and democrats as we know are playing chicken with the economy as the if is cal cliff approaches. we'll get a.b. stoddard's take as the clock ticks down. and people are already talking about who they want to be the next president. just who are you voting for in 2016? we've got the answer. [ male announcer ] this december, remember you can stay in and like something ♪ or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on offering some of our best values of the year. this is the pursuit of perfection. let's say you want to get ahead how do you get from here... to here? at university of phoenix we're moving career planning forward so you can start figuring that out sooner. ln fact, by thinking about where want your education to lead, while you're still in school, you might find the best route... leads somewhere you weren't even looking. let's get to wo
it appears for nous, the talks to avoid the fiscal cliff have run into some major road blocs. but those discussions will continue on some level. >>> republicans and democrats as we know are playing chicken with the economy as the if is cal cliff approaches. we'll get a.b. stoddard's take as the clock ticks down. and people are already talking about who they want to be the next president. just who are you voting for in 2016? we've got the answer. [ male announcer ] this december,...
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>> well, listen, we are in an economy and very few and if we went over the fiscal cliff totally and no patch and nothing was fixed in the next if few week weeks and i don't believe we will do that, but if we did the hit to the average family could be as high as $3,500 a year and maybe as low as $2,500, but as high as $35 and not only is that a lot of money, but it is an economy of real money and real expenditures, but the follow-up effect is much bigger. so that the family may withstand having $3,500 less, but the people buy fewer things, and the economy slows down and then people lose their jobs. so maybe you can live without $3,500 less a year, be you can'tley without a job. that is the more serious effect of what it does to my paycheck in a month is whether this slows down the economy. we are not going very quickly in the u.s. economy, but we are are moving forward. people, that is where it hits you when it is not your fault and people are tired. in 2008 something happened to the economy that was with nobody's fault and created by people on high and now we are doing the same thing,
>> well, listen, we are in an economy and very few and if we went over the fiscal cliff totally and no patch and nothing was fixed in the next if few week weeks and i don't believe we will do that, but if we did the hit to the average family could be as high as $3,500 a year and maybe as low as $2,500, but as high as $35 and not only is that a lot of money, but it is an economy of real money and real expenditures, but the follow-up effect is much bigger. so that the family may withstand...
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if we go over the fiscal cliff, the risk to the economy is strong. there is it to families is real. it is as if politicians are playing tug of war. as soon as we get through the fiscal cliff -- the hope is we would replace the fiscal cliff with real policies that would keep us from going over it. now looks as though we're not going to be able to do anything to tackle the challenges right now. the partisan environment is getting worse and worse. that leaves us with questions about whether these guys can govern. host: front page of "the new york times." let me read a few points. "more difficult to reach a compromise." guest: that is absolutely true. i feel we're watching a game of finger-pointing and not much else. both sides are pointing fingers and shouting it is the other guy's fault. what if any other business environment worked this way instead of solving the problems and working together? the toxic environment calls into question when we of challenges or other important issues -- can the american political system step up and deal with sit? the answer is not very well. we feel sa
if we go over the fiscal cliff, the risk to the economy is strong. there is it to families is real. it is as if politicians are playing tug of war. as soon as we get through the fiscal cliff -- the hope is we would replace the fiscal cliff with real policies that would keep us from going over it. now looks as though we're not going to be able to do anything to tackle the challenges right now. the partisan environment is getting worse and worse. that leaves us with questions about whether these...
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the fiscal cliff isn't the only thing rattling the economy. in just a few weeks lawmakers will begin battling over the debt ceiling. you may recall that in the summer of 2011 the debt limit standoff led to the first ever downgrade of the nation's credit rating. joining us now from capitol hill is cnbc's aman jabbers. appreciate you helping us make sense of all of this. >> happy new year. thank you for having me. >> on a less happy note, there are economists who are saying this whole fight over the fiscal cliff, the rangeling in washington has already caused a hit on the economy. can you explain sort of what the impact of the debate has been. >> you dw definitely seen it. ju as early as friday when we report that the president was not making his new offer with offers down at the white house. we saw the stock market sell off rather dramatically just in those couple of minutes as that news was coming out. i got to say that over the past 24 hours or so the stock market has been relatively calm sort of expecting a deal, expecting that lawmakers wil
the fiscal cliff isn't the only thing rattling the economy. in just a few weeks lawmakers will begin battling over the debt ceiling. you may recall that in the summer of 2011 the debt limit standoff led to the first ever downgrade of the nation's credit rating. joining us now from capitol hill is cnbc's aman jabbers. appreciate you helping us make sense of all of this. >> happy new year. thank you for having me. >> on a less happy note, there are economists who are saying this whole...
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economy officially went over the fiscal cliff, the senate passed a deal to avert its worst effects. the bill passed easily. it was a vote of 89-8, and it set up a showdown in the house which will convene four hours from now. republican leader mitch mcconnell said the process wasn't pretty but it got the job done. >> each of us could spend the rest of the week discussing what a perfect solution would have looked like, but the end result would have been the largest tax increase in american history. so, it took an imperfect solution to prevent our constituents from a very real financial pain, but in my view, it was worth the effort. >> so, here's what in that imperfect bill. tax rates will rise for individuals making over $400,000 and couples making more than $450,000. high-end rates for the estate tax and the capital gains tax will rise. all of those elements will be made permanent. in addition, the alternative minimum tax, which is patched every year, will be fixed permanently. several tax credits, including ones for children, college tuition and earned income, will be extended for f
economy officially went over the fiscal cliff, the senate passed a deal to avert its worst effects. the bill passed easily. it was a vote of 89-8, and it set up a showdown in the house which will convene four hours from now. republican leader mitch mcconnell said the process wasn't pretty but it got the job done. >> each of us could spend the rest of the week discussing what a perfect solution would have looked like, but the end result would have been the largest tax increase in american...
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could mean for the economy and washington. >>> if lawmakers force the economy off the fiscal cliff, over 2 million jobs will be at risk, including over 956,000 small business jobs from supplier companies and mom and pop stores. er ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> while europe has been trading in large part around what we're going to do or won't to in this country, that's driven trading overnight in asia. >> but you tonight have pan i go. you have an absence of panic on both sides. many european markets today didn't open at all. half days in the like of london, for example. similarly over in spain and in amsterdam, they also had a half day today. and it was a negative bi
could mean for the economy and washington. >>> if lawmakers force the economy off the fiscal cliff, over 2 million jobs will be at risk, including over 956,000 small business jobs from supplier companies and mom and pop stores. er ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger...
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gerri: coming up next, the fiscal cliff into plain english or maybe just simple arithmetic. at the bottom of the york, what should investors expect? will the fiscal ) as of them? don't go away. ♪ >> my new year's resolution is to keep going with my personal trainer. ♪ gerri: up next, some of those trillion dollar figures into persctive. the spending gerri: there is a reason we call this segment back of the envelope. we try to explain in plain english some of the more complicated financial issues. the big issue today, the fiscal cliff. and you may be asking yourself, why is this so importat? what is so cataclysmic about our nation's finances that we need to implement these monster tax increases and make draconian spending cuts. well, if you want to understand the government and its problems, take a lookat these numbers. let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these euros. a very big number. the spending in the federal budget. you will notice to these numbe
gerri: coming up next, the fiscal cliff into plain english or maybe just simple arithmetic. at the bottom of the york, what should investors expect? will the fiscal ) as of them? don't go away. ♪ >> my new year's resolution is to keep going with my personal trainer. ♪ gerri: up next, some of those trillion dollar figures into persctive. the spending gerri: there is a reason we call this segment back of the envelope. we try to explain in plain english some of the more complicated...
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pain, patience has worn thin. >> this whole fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in la la land and everyone is saying how you're acting like a bunch of spoiled brat who is are r more interested in being right than in doing the the right thing and representing the people who elected you. >> reporter: mary snow, cnn, new york. >>> i'm joe johns. thanks for joining us. cnn newsroom continues now with ashlee banfield. >> we went over the fiscal cliff. yep at midnight and then just a couple hours later, the senate came up with a solution. now it's off to the house. the house has to sign off. they will get back to work this afternoon. what's in the deal? well, it starts with the new income tax threshold. those folks agreed to let the taxes go up but only on the family who is make over $450,000 in combined income. the itemized deductions will also be capped at $300,000 for families. and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valu
pain, patience has worn thin. >> this whole fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in la la land and everyone is saying how you're acting like a bunch of spoiled brat who is are r more interested in being right than in doing the the right thing and representing the people who elected you. >> reporter: mary snow, cnn, new york. >>> i'm joe johns. thanks for joining us. cnn newsroom continues...
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john thune says the senate should have acted months ago to keep the economy going off the fiscal cliff. >> i just find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz, you know, i really hope we can get something done here in the last day as we put two people together, basically, to resolve. this. >> the two people were senate republican leader mitch mcconnell and vice president joe biden who worked the phones late last night and early this morning after talks between mcconnell and majority leader harry reid stalled. >> discussions continued today on a plan to protect middle class families from tax increase tomorrow. there are a number of issues on which the two sides are still apart, negotiations are continuing as i speak. >> the agreement would set the threshold for extending the bush tax cuts at $400,000 for individuals and $450,000 for families. it would set the tax rate on upper income people at 39.6%. the rate under former president bill clinton. estates would be taxed at 40% above $5 million for individuals, and $10 million fo
john thune says the senate should have acted months ago to keep the economy going off the fiscal cliff. >> i just find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz, you know, i really hope we can get something done here in the last day as we put two people together, basically, to resolve. this. >> the two people were senate republican leader mitch mcconnell and vice president joe biden who worked the phones late last night and...
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economy going off the fiscal cliff. >> i find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz. i hope we can get something done on the last day. we put two people together basically to resolve this. >> the two people were senate republican lea leader mitch mcconnell and joe biden who worked the phones after talks between mcconnell and harry reid stalled. >> discussions continue today on plan to affect the middle class families from the tax increase tomorrow. there are a number of issues in which the two sides are still apart. negotiations are continuing as i speak. >> the agreement would set the threshold for extending the bush tax cuts at $400,000 for individuals and $450,000 for families. i would set the tax rate for upper income people at 39.6%. the rate under president clinton. the states would be taxed at 40% above $5 million for individuals and $10 million for a married couple. unemployment benefits would be extented a year, as with the medicare doc fix. it would permanently fix the a terptive minimum tax. a big concern for m
economy going off the fiscal cliff. >> i find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz. i hope we can get something done on the last day. we put two people together basically to resolve this. >> the two people were senate republican lea leader mitch mcconnell and joe biden who worked the phones after talks between mcconnell and harry reid stalled. >> discussions continue today on plan to affect the middle class...
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"fiscal cliff." the senate is close to a deal as the clock ticks toward midnight and the nation teeters on the edge of the so-called "fiscal cliff." >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush-era tax cuts for families making $450,000 a year and individuals making $400,000. it would also increase the taxes on estates worth more than $5 million and extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. [ laughter ] >> it may be we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking upon the now is spending. the president suggested lawmakers mak
"fiscal cliff." the senate is close to a deal as the clock ticks toward midnight and the nation teeters on the edge of the so-called "fiscal cliff." >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush-era tax cuts for families making $450,000 a year and individuals making $400,000. it would also increase the taxes on estates worth more than $5 million and extend unemployment...
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cliff and the i am fact it could have on the economy and the stock market. >>> well, it's hard to speculate on the markets. obviously business and investors are going to feel negative about the economy. if you look at the projections of 2013 people felt the economy would continue to grow unemployment would continue to tick down housing would continue to improve but what has been holding us back is the dysfunction in washington. if people start seeing that on january 1st this problem still hasn't been solved we haven't seen the kind of self sit reduction we could have had had the republicans been willing to take the deal that i gave them if they say that people's taxes have gone up which means con souler spending is going to be depressed then obviously that's going to have an adverse reaction on the markets. >> the markets will be opening 90 minutes before negotiations are set to resume. we will have a live preview on bank on this coming up with lauren simonetti. >> time now for your 5@5:30. the top five stories making news for you at this hour. another scathing report released on the bengha
cliff and the i am fact it could have on the economy and the stock market. >>> well, it's hard to speculate on the markets. obviously business and investors are going to feel negative about the economy. if you look at the projections of 2013 people felt the economy would continue to grow unemployment would continue to tick down housing would continue to improve but what has been holding us back is the dysfunction in washington. if people start seeing that on january 1st this problem...
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really, is about wall street fraud that drove the economy over the fiscal cliff, and the financial crisis inquiry commission concluded that the collapse in 2008 based on wall street fraud resulted in a london dollars trillion lost of household wealth and -- $11 trillion loss of household wealth and savings. obama says this was "legal." this is the problem. we have lawlessness on wall street and washington, d.c. and they're committing crimes. we have massive fraud and cooking the books both on wall street and in washington that is not reported. host: denni says we can only hope that democrats do not get enough votes to do this deal. we are learning the democrats expect almost all of their members to vote in favor of the deal in the house. bobbie, college station, texas. go ahead. caller: i do believe we need to do drug testing for welfare, do some things with unemployment, motivate people to get jobs. so many people rely money coming in and they do not do anything about it. why would you go out and work if somebody is going to hand it to you? we need to stop some of these hud for people. l
really, is about wall street fraud that drove the economy over the fiscal cliff, and the financial crisis inquiry commission concluded that the collapse in 2008 based on wall street fraud resulted in a london dollars trillion lost of household wealth and -- $11 trillion loss of household wealth and savings. obama says this was "legal." this is the problem. we have lawlessness on wall street and washington, d.c. and they're committing crimes. we have massive fraud and cooking the books...
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first let's work together on a bipartisan basis to try to avoid this fiscal cliff. if we cannot, let's work as quickly as we can to get back on our feet on a bipartisan basis and come up with an agreement that moves our economy forward. finally, let's deal with destruction and long-term entitlement reform. that is part of our obligation. mr. president, i spoke to our senate democratic caucus a little earlier today about the terrible problems we face in illinois with one of the lowest credit ratings in the nation, primarily because our pension systems are underfunded. for more than four decades, republican and democratic governors have ignored the challenge as have many leaders in our general assembly, and now the responsibility falls on this generation of leaders to try to deal with a vexing situation where it would take literally one-third of our state budget to meet the unfunded liabilities of our pension systems. we cannot let that happen at the federal level. whether it's social security or medicare, we need to make the thoughtful choices, the thoughtful advance
first let's work together on a bipartisan basis to try to avoid this fiscal cliff. if we cannot, let's work as quickly as we can to get back on our feet on a bipartisan basis and come up with an agreement that moves our economy forward. finally, let's deal with destruction and long-term entitlement reform. that is part of our obligation. mr. president, i spoke to our senate democratic caucus a little earlier today about the terrible problems we face in illinois with one of the lowest credit...
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here's how the markets are reacting as we edge closer to the fiscal cliff and investors brace for the potential fallout. oh, let me guess --ou see this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> okay, guys. time to forget about all the fiscal cliff negotiations for just a moment. why? because the entire world is it throwing a giant party to ring in the new year. alina choi is doing her best to keep warm in times square as preparations for tonight kick into high gear. >> reporter: good morning. great to see you. from all the talk about the crystal ball, the confetti and new year's resolutions, here's what you need to know if you come to times square tonight. dress warmly it is frigidly cold, and
here's how the markets are reacting as we edge closer to the fiscal cliff and investors brace for the potential fallout. oh, let me guess --ou see this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and...
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if it is not because of the fiscal cliff, then there is more reason to be concerned. we saw in the sentiment figures, especially in the last month, there is a clear sentiment shot. perhaps even a real spending shot for businesses. five months of slumping, the last two months showed healthy gains. consumer spending, personal income, unemployment claims are low. what do you make of that? >> that is the first thing we are getting. but, harrison, makes a good point, is the concern shifting from the business sector to consumers which are are going wait a minute. the return is happening. the weakness of consumers will be one reason to pause in the first quarter now that we know the debt ceiling is in the quarter. >> that is going to remove the first quarter. coming back. kelly evans is going to stay with us for the rest of the show. and we will go back to washington for updates on the fiscal cliff. we'll see, i'm larry kudlow. stay with us. kick off 2013 with style. people and industries and million dollars rackets. the new year's day marathon on cnbc. 315 horsepower. what'
if it is not because of the fiscal cliff, then there is more reason to be concerned. we saw in the sentiment figures, especially in the last month, there is a clear sentiment shot. perhaps even a real spending shot for businesses. five months of slumping, the last two months showed healthy gains. consumer spending, personal income, unemployment claims are low. what do you make of that? >> that is the first thing we are getting. but, harrison, makes a good point, is the concern shifting...
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keep in mind that the threat of tax hikes going up is only one part of the so- called fiscal cliff. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of the spending cuts that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. some programs that are scheduled to be cut and we're using an ax instead of a scalpel. they may not always be the smartest cuts. that is a piece of business that still has to be taking care of. i want to make clear that any agreement that we have to deal with these automatic spending cuts that are being threatened for next month, polls also have to be balanced. our principal has always been to do things in a balanced responsible way. that means revenue has to be part of the equation. the same is true for any future deficit agreement. obviously we're going to have to do more to reduce our debt and deficit. i'm willing to do more. it is going to have to be balanced. it has to be a b
keep in mind that the threat of tax hikes going up is only one part of the so- called fiscal cliff. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of the spending cuts that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. some programs that are scheduled to be cut and we're using an ax instead of a scalpel....
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despite all those worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummeled the stock, which has yet to climb its way back to its ipo price. >> number seven, mother meyer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave as she tried to turn this company around. 37 years old, it looks like a mother's touch is what yahoo! needed. >> mother nature. an intense drought in the midwest that scorched the corn and soy crop, sending prices sky high. >> who can forget super storm sandy? neighborhoods along the northeast swept away, millions without power and damages as high as 50 billion dollars raising lots of questions a
despite all those worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users...
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Dec 31, 2012
12/12
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people have said that economists said concern about the fiscal cliff has already done damage. the economy, according to the cob is certain to fall back into recession and negative growth in the new year. is that higher taxes in a way a death knell for the economy or whole picture, of increased taxes and increased spending and no meaningful deficit reduction? >> we're seeing some effect already. you're seeing that in numbers on consumer confidence, on christmas season spending and business investment in hiring. the higher tacks is not the end of the republic. it is bad for growth. but we can still have a strong economy. but i do think we need to deal with uncertainty of what are taxes going forward. this cliff deal is short-term deal. we need leadership congressman was talking about. i wish it was there i agree with him what we really need going forward. lori: congressman rigell, one last comment from you with regards to confidence in washington of the americans are fed up with the wheeling and dealing in washington and no compromise. is there anything you can say to reinforce
people have said that economists said concern about the fiscal cliff has already done damage. the economy, according to the cob is certain to fall back into recession and negative growth in the new year. is that higher taxes in a way a death knell for the economy or whole picture, of increased taxes and increased spending and no meaningful deficit reduction? >> we're seeing some effect already. you're seeing that in numbers on consumer confidence, on christmas season spending and business...
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Dec 28, 2012
12/12
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a new report suggests the looming fiscal cliff is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday that its consumer price index fell sharply in december for the second consecutive month. that's the lowest level since august. for the fifth consecutive year, individual investors have pulled their money out of the stock market. it's estimated to be about $380 billion. many are investing in bonds which are considered safer investments. wall street stocks sank for a fourth consecutive day. the dow lost 18 points. the nasdaq was off 4 points. >>> the housing market shows new signs of a rebound. they said on thursday that the sale of new homes increased by 4.5% from the month before. that's the fastest pace in two years. record low mortgage and stable job gains fueled the increase. >>> dangerously low water levels could force shipping to stop between st. louis and illinois on the mississippi river next week. the mississippi is suffering from months of severe drought. it does an estimated $7 billion of trade in february and january. >>> a pot
a new report suggests the looming fiscal cliff is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday that its consumer price index fell sharply in december for the second consecutive month. that's the lowest level since august. for the fifth consecutive year, individual investors have pulled their money out of the stock market. it's estimated to be about $380 billion. many are investing in bonds which are considered safer investments. wall street...
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Jan 1, 2013
01/13
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that has technically gone over the fiscal cliff. at this hour, anthony, white house officials tell us the president is somewhat optimistic that republicans, despite their misgivings and reservations will find a way to either have an amendment process or come narrowly close to one but ultimately allow this senate compromise to come up for an up-or-down vote and the president, in confering with nancy pelosi, believed there are sufficient house democratic votes with a few republican votes to get this deal done. the vice president, joe biden, spent a lot of time with house democrats today. that was a very persuasive presentation, house democratic officials tell me. there are lots of votes on the democratic side. the question is can republicans provide enough on their side to get this deal done. the white house tonight is a bit hopeful. >> mason: major, is this an effort by vice president joe biden or is the president himself getting involved in making calls? >> the president is not making calls white house officials tell me-- for a prac
that has technically gone over the fiscal cliff. at this hour, anthony, white house officials tell us the president is somewhat optimistic that republicans, despite their misgivings and reservations will find a way to either have an amendment process or come narrowly close to one but ultimately allow this senate compromise to come up for an up-or-down vote and the president, in confering with nancy pelosi, believed there are sufficient house democratic votes with a few republican votes to get...
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for the foreseeable future. >> jill, if this fiscal cliff bill does get done is the new congress going to be more or less likely to work with the president on his second term agenda? >> well, the president is going to have more senators to work with, 55 as opposed to 53. that doesn't mean he'll have an easy time of it because republicans can block anything they want in the senate. it depends on what lessons if any republicans took from the election. i do think that the principle gap is very deep and so i'm not sure that we're going to see a kumbaya situation. but as i say, there are some advantages for republicans in making some compromises if they will see it that way. and particularly the demographic challenges. so, you know, ultimately i think the one thing to do is keep -- be realistic about the timetable. i'm not sure the president is going to get everything done that he wants to in 2013 but i would bet on immigration reform. maybe that's crazy and you'll have me back here and i'll have to say no i was wrong. i do think it's so much in republicans' self-interest. they've got some
for the foreseeable future. >> jill, if this fiscal cliff bill does get done is the new congress going to be more or less likely to work with the president on his second term agenda? >> well, the president is going to have more senators to work with, 55 as opposed to 53. that doesn't mean he'll have an easy time of it because republicans can block anything they want in the senate. it depends on what lessons if any republicans took from the election. i do think that the principle gap...
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Jan 1, 2013
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just three hours until we head over the fiscal cliff. the large concern here is the impact that going over the cliff would have on the economy. now economists say look, it's not going to be a windfall on wednesday. it's not going to be a complete disaster all at once. but what could happen is that the markets could begin to respond on wednesday. they're closed of course tomorrow for the holiday. and then over time, the average american could wind up paying about $2,000 more in their taxes. and if we went over the cliff and stayed over the cliff for a significant amount of time, the economy could eventually begin to dip back into recession. and that is really the big concern here. you've heard president obama talk about those concerns when he has held some of these public campaign events. he held one today to pressure congress to act. he has talked about the fact that this is a really about americans and the economy and preventing the economic recovery from being harmed. milissa? >> kristen, there concern at all in the white house that if
just three hours until we head over the fiscal cliff. the large concern here is the impact that going over the cliff would have on the economy. now economists say look, it's not going to be a windfall on wednesday. it's not going to be a complete disaster all at once. but what could happen is that the markets could begin to respond on wednesday. they're closed of course tomorrow for the holiday. and then over time, the average american could wind up paying about $2,000 more in their taxes. and...
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Dec 31, 2012
12/12
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the fiscal cliff has the taxing which as a medium impact on the economy but also the spending part which has a longer-term impact. it is a hundred million dollars in domestic and defense spending. that is the one where all the sudden late yesterday they realized maybe we should deal with that too. the reason why is that all of the economic forecasts show that eight the sequestered goes and even for the month and two months into the debt ceiling is negotiated the economic growth that we have experienced about 3% of the last quarter will be what have to about one. >> congress is really just getting what they kind of asked for. you will not be able to deal or come with it arrangement to cut spending and raise taxes, we will do it for you automatically. here the we are and they have not come up with anything. is there any hope of the deal getting done in the next week or two? >> i believe the deal will be done later today. the senate will pick it up in the house will vote on it tomorrow. the wild card is what is the house going to do? they ping-pong back and forth with the senate. this could
the fiscal cliff has the taxing which as a medium impact on the economy but also the spending part which has a longer-term impact. it is a hundred million dollars in domestic and defense spending. that is the one where all the sudden late yesterday they realized maybe we should deal with that too. the reason why is that all of the economic forecasts show that eight the sequestered goes and even for the month and two months into the debt ceiling is negotiated the economic growth that we have...
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is really at stake, people's taxes are at stake, and if we go over the fiscal cliff, individuals will see taxes go up by $2,000, there is a lot of pressure on congress and white house to take action. that pleasure is playing a huge role. >> kristen welker and kelly o'donnell, thank you, both. we continue our breaking coverage of fiscal cliff talks and what appears to he about a last-minute break through when we come back. please stay with us. ♪ [ male announcer ] why do more emergency workers everywhere trust duracell...?? duralock power preserve. locks in power for up to 10 years in storage. now...guaranteed. duracell with duralock. trusted everywhere. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. [ ship horn
is really at stake, people's taxes are at stake, and if we go over the fiscal cliff, individuals will see taxes go up by $2,000, there is a lot of pressure on congress and white house to take action. that pleasure is playing a huge role. >> kristen welker and kelly o'donnell, thank you, both. we continue our breaking coverage of fiscal cliff talks and what appears to he about a last-minute break through when we come back. please stay with us. ♪ [ male announcer ] why do more emergency...
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Dec 28, 2012
12/12
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they were wrong. >> we are nowhere when it comes to the fiscal cliff talks. let me tell you what's going to happen today. speaker john boehner, the republican speaker, is going to try to pass what he calls his plan b, which would just simply address tax rates for those making a million dollars or more and that's it. >> john boehner walked away from the obama administration's third offer. a giant, giant compromise. so he didn't like it when they led. he didn't like the 2340eshing. he decided instead to chart his own course called plan b. plan b was supposed to show president obama that republicans had their own solution and instead of bothering with his offer they would just go ahead and pass their own plan without him. that was the idea, anyway. >> there is breaking news to report tonight out of washington. strange breaking news out of washington. within the last hour republican house speaker john boehner appears to have completely lost control of his own caucus. just about an hour ago john boehner was forced to pull his own plan off the floor because it turn
they were wrong. >> we are nowhere when it comes to the fiscal cliff talks. let me tell you what's going to happen today. speaker john boehner, the republican speaker, is going to try to pass what he calls his plan b, which would just simply address tax rates for those making a million dollars or more and that's it. >> john boehner walked away from the obama administration's third offer. a giant, giant compromise. so he didn't like it when they led. he didn't like the 2340eshing. he...
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if we go over the fiscal cliff, the risk to the economy is strong. there is it to families is real. it is as if politicians are playing tug of war. as soon as we get through the fiscal cliff -- the hope is we would replace the fiscal cliff with real policies that would keep us from going over it. now looks as though we're not going to be able to do anything to tackle the challenges right now. the partisan environment is getting worse and worse. that leaves us with questions about whether these guys can govern. host: front page of "the new york times." let me read a few points. "more difficult to reach a compromise." guest: that is absolutely true. i feel we're watching a game of finger-pointing and not much else. both sides are pointing fingers and shouting it is the other guy's fault. what if any other business environment worked this way instead of solving the problems and working together? the toxic environment calls into question when we of challenges or other important issues -- can the american political system step up and deal with it? the answer is not very well. we feel sad
if we go over the fiscal cliff, the risk to the economy is strong. there is it to families is real. it is as if politicians are playing tug of war. as soon as we get through the fiscal cliff -- the hope is we would replace the fiscal cliff with real policies that would keep us from going over it. now looks as though we're not going to be able to do anything to tackle the challenges right now. the partisan environment is getting worse and worse. that leaves us with questions about whether these...
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boehner sent house members home to celebrate the new year without a vote to avoid the fiscal cliff. >> listen, this is disgusting. and everybody involved should be embarrassed. >> reporter: the economy could still take a hit. while the house takes up maybe later today whether to follow the senate's lead and hike taxes on the wealthy. from capitol hill, steve handelsman, nbc news. bill, back to you. >> reaction to the senate's move was swift as many people were still up welcoming the new year. familiar faces on msnbc were in rare form starting with joe scarborough who tweeted, why can't washington ever put together a deal that cults spent? this deal fails on most counts. it's a distressing failure of leadership. "morning joe" regular steve ratner tweeted, the only thing worse than this deal would have been no deal, or maybe not, he added. ezra kline wrote, obama isn't making it easier for res to vote for this deal but probably thinks if the rs kill it they get all the fiscal cliff blame. >>> now deals on secretary of state hillary clinton and the blood clot that has her hospitalized. t
boehner sent house members home to celebrate the new year without a vote to avoid the fiscal cliff. >> listen, this is disgusting. and everybody involved should be embarrassed. >> reporter: the economy could still take a hit. while the house takes up maybe later today whether to follow the senate's lead and hike taxes on the wealthy. from capitol hill, steve handelsman, nbc news. bill, back to you. >> reaction to the senate's move was swift as many people were still up...
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economy will go over the fiscal cliff just as we ring in 2013 at midnight. nbc's kristin welker is live at the white house. kristin, let's get to the fiscal cliff in a moment. you've got some breaking news. >> reporter: i do. we have some breaking news on secretary clinton's health. as you know, he was admitted to the hospital due to a clot. of course, she had fainted a couple weeks ago and she's been recovering ever since. i'm going to read you this statement from her doctors. they say this is a clot in the vein that is situated in the space between the brain and the skull behind the right ear. it did not result in a stroke or neurological damage. to help dissolve this clot her medical team began treating the secretary with blood thinners. she will be released once the medication dose has been established in all other aspects of her recovery. the secretary is making excellent progress and we are confident she will make a full recovery. she is in good spirits engaging with her doctors, her family, and her staff. so, again, those are from her doctors who are
economy will go over the fiscal cliff just as we ring in 2013 at midnight. nbc's kristin welker is live at the white house. kristin, let's get to the fiscal cliff in a moment. you've got some breaking news. >> reporter: i do. we have some breaking news on secretary clinton's health. as you know, he was admitted to the hospital due to a clot. of course, she had fainted a couple weeks ago and she's been recovering ever since. i'm going to read you this statement from her doctors. they say...
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filing i reports like missy, of fayetteville, arkansas. >> this fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in lala land, and eve everyone is saying how you're asking like spoiled brats who are more interested in being right than doing the right thing and representing the people who elected you. >> mary snow, cnn, new york. >> more interesting, being right than doing the right thing for your country. cnn's coverage of the fiscal cliff continues right after this.
filing i reports like missy, of fayetteville, arkansas. >> this fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in lala land, and eve everyone is saying how you're asking like spoiled brats who are more interested in being right than doing the right thing and representing the people who elected you. >> mary snow, cnn, new york. >> more interesting, being right than doing the right thing for your country....
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Dec 27, 2012
12/12
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on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what happens to wall street. >> we're going to see a lot of volume activity until the issues get resolved. it's not as if the borrowing limit directly affects companies represented in the stock market, but the problem is that washington is the whole story right now and there's so much unpredictability about the economy. u.s. treasury securities are the biggest class of securities in the world. it sort of affects everything else about the markets, the financial markets, interest rates. and if we don't quite know what's going to happen in that bedrock market, which provides a lot of liquidity, it affects everything else. there's also a psychological component, which standard & poor's
on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what happens to wall street. >> we're going to see a lot of volume activity until the issues get resolved. it's...
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Jan 1, 2013
01/13
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from going off the fiscal cliff. >> i just find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz, you know, i really hope we can get something done here in the last day as we put two people together basically to resolve this. >> reporter: the two people were senate republican leader mitch mcconnell and vice president joe biden who worked the phones late last night and early this morning after talks between mcconnell and majority leader harry reid stalled. >> discussions continued today on a plan to protect middle class families from the tax increase tomorrow. there are a number of issues on which the two sides are still apart, but negotiations are continuing as i speak. >> reporter: the agreement would set the threshold for extending the bush tax cuts at $400,000 for individuals and $450,000 for families. it would set the tax rate our income people at 39.6%, the rate under former president bill clinton. estates would be taxed at 40% above $5 million for individuals and $10 million for a married couple. unemployment benefits would be e
from going off the fiscal cliff. >> i just find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz, you know, i really hope we can get something done here in the last day as we put two people together basically to resolve this. >> reporter: the two people were senate republican leader mitch mcconnell and vice president joe biden who worked the phones late last night and early this morning after talks between mcconnell and majority...
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keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit ag
keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled...
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back to the fiscal cliff and what it means for the economy. speaking of the other shoe dropping. early this morning the senate passing a bill. what is in it and what happens when it hits the house later today? joining us stephen moore, senior writer for "wall street journal" happy new year. good to see you. >> you too, rick. rick: what do you think?. >> you ask a question what is in the bill. a lot of members don't know. rick: they're probably reing it right now. >> i was up to the wee hours of the morning trying to read the 150 page bill. amazing little items. tax give aways for nascar, for the wind industry, for biodiesel, for movie producers. those are small items. but the big items are the taxes that will affect 100 million americans. and you know, there were a lot of rate changes everything from the capital gains rate to the estate tax, to the dividend tax and of course personal income, tax rates. rick: was there, anything, steve, that jumped out at you specifically when you were reading it this morning you thought, gee, i can't believe the be republicans went for that, or i
back to the fiscal cliff and what it means for the economy. speaking of the other shoe dropping. early this morning the senate passing a bill. what is in it and what happens when it hits the house later today? joining us stephen moore, senior writer for "wall street journal" happy new year. good to see you. >> you too, rick. rick: what do you think?. >> you ask a question what is in the bill. a lot of members don't know. rick: they're probably reing it right now. >>...
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cliff is just a minor blip with you in the long run they actually won a large chunk of what they've been after? >> we're going to have to see what is the impact in the the days ahead. can the republicans somehow turn that around? they certainly, inside the white house believe just the opposite because they believe that john boehner was sort of out maneuvered here, he had been pressing the president, pressing the president for some of his issues and what boehner may have forgotten is at the end of the day if there's no action by the congress, all of the bush tax rates are expiring, so the president is going to get what he's wanted in this debate all along, which is that taxes are going up on the rich and-- >> the president's outmaneuvered the republicans from the very beginning on this. >> ed doesn't have to answer that question. >> and kimberly, we're going to give you the last question, before we go to mike emanuel. >> i have a civilized question for mr. henry. >> and civilized-- >> my goodness, bob. >> it sounds worse than the negotiations on the hill. >> it's worse, thank goodnes
cliff is just a minor blip with you in the long run they actually won a large chunk of what they've been after? >> we're going to have to see what is the impact in the the days ahead. can the republicans somehow turn that around? they certainly, inside the white house believe just the opposite because they believe that john boehner was sort of out maneuvered here, he had been pressing the president, pressing the president for some of his issues and what boehner may have forgotten is at...
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cliff. >> it's interesting. harry reid told us they are making progress in the talks. at this stage they don't have a deal. what you heard senator thune, republicans are saying if we give you more revenue what will you going to do with it? are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator
cliff. >> it's interesting. harry reid told us they are making progress in the talks. at this stage they don't have a deal. what you heard senator thune, republicans are saying if we give you more revenue what will you going to do with it? are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18...
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. >> eric: thousands of jobs and billions of dollars are at stake but this is no fiscal cliff. this is the looming port strike threatening to shut ports from boston, miami and beyond. florida governor rick scott telling the media a strike will be devastating to his state's economy. governor's right but it's an entire nation about to get slammed. brent is the president of miller and long construction. we import -- we pointed out somewhere around 65% of international trade hits the ports. we import cars, we import produce, we import oil and gas. explain how this will affect the prices for people watching right now of everything. >> well, it will be very significant in a lot of ways. we're talking about eleven ports, basically from boston pretty much all the way around to houston. the reason governor scott is concerned is there are four ports in florida that will be affected. this is containerized shipping. electronic goods, food stuff and things like that. it could be massive impact, especially in this -- we had retailers getting trouble getting back on track. it will affect ever
. >> eric: thousands of jobs and billions of dollars are at stake but this is no fiscal cliff. this is the looming port strike threatening to shut ports from boston, miami and beyond. florida governor rick scott telling the media a strike will be devastating to his state's economy. governor's right but it's an entire nation about to get slammed. brent is the president of miller and long construction. we import -- we pointed out somewhere around 65% of international trade hits the ports....
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congress. >> we are back with msnbc's special coverage of the fiscal cliff talks and that was democratic senator joe manchin of west virginia on the floor of the senate earlier speaking on the state of negotiations. joining me now, congressman tom cole, deputy majority whip in the house of representatives. good to see you, congressman. >> good to see you. >> does joe manchin have a point? >> no, of course not. quite frankly, we've gotten big deals done with the president before. the budget deal in april of 2011, the debt ceiling deal, the free trade agreements, the student loan, the transportation. but the negotiations have always been hard, tough, contention, for two reasons, two sides fundamentally disagree. second, quite honestly, democratic friends particularly the president never gotten serious about spending cuts. if they get all of the revenue they ask for won't come close to dealing with the fiscal issue. >> well, clearly democratic colleagues have a different view of that. let me play what chris van hollen said a short time ago. >> so far, speaker boehner has been held captive a
congress. >> we are back with msnbc's special coverage of the fiscal cliff talks and that was democratic senator joe manchin of west virginia on the floor of the senate earlier speaking on the state of negotiations. joining me now, congressman tom cole, deputy majority whip in the house of representatives. good to see you, congressman. >> good to see you. >> does joe manchin have a point? >> no, of course not. quite frankly, we've gotten big deals done with the president...
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>>> fears of the fiscal cliff are taking some of the holiday cheer right out of wall street. cnn's alison kosik watching the post-christmas trading as well as a threat to the economy that could come even sooner than the cliff? let's start with the stocks, though. >> reporter: yes, stocks, very quiet today, very quiet session. not many investors in the game today. expect that to be the case the rest of the week. the fun tny thing, this is usuay the time we see the santa claus rally. the dow down 46 points. no deal on the if i'm not mistaken. that's spoiling the rally so far. it could be worse, though. we've seen much harsher reaction to all the congressional shenanigans in the past that could be a sign the economy is in better shape this time around. the s&p 500 is still on track for a 13% gain for the year. >>alison, what's the container cliff? >> reporter: the container cliff could be serious stuff. it could be a major threat to the economy. but it's also something that can be avoided. this container cliff is the name the national retail federation has given to this situatio
>>> fears of the fiscal cliff are taking some of the holiday cheer right out of wall street. cnn's alison kosik watching the post-christmas trading as well as a threat to the economy that could come even sooner than the cliff? let's start with the stocks, though. >> reporter: yes, stocks, very quiet today, very quiet session. not many investors in the game today. expect that to be the case the rest of the week. the fun tny thing, this is usuay the time we see the santa claus...
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Dec 26, 2012
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that having been said the fiscal cliff will turn out to be not a maxi deal but a mini deal and will clip the economy not by 1% but a 2% and a 60% chance something will get done but that's where we come out on it right now. a little bit harder hit to the economy. >> don't adjust your sets, everybody. this is what bob sounds like today. >> this is a different exchange here. >> not doing your imitation of david? >> what do you think that the seasonal factors are a major reason why the markets are holding up so well? if you look at the havens, gold, treasuries, for example, the dollar, there's no sign of panic in the haven. >> silver is down. you've seen a little bit of a lift in the vix, closer to 20. that's not bad, a normalization type of thing. treasuries have sold off a little bit. that means the patient is leaving the hospital. the patient was on intensive care earlier in the year back in june. the biggest day of the year was june 19th. that's the day of the second greek election when that guy came in who did not take them out of euro to. meet biggest things that happened this year wer
that having been said the fiscal cliff will turn out to be not a maxi deal but a mini deal and will clip the economy not by 1% but a 2% and a 60% chance something will get done but that's where we come out on it right now. a little bit harder hit to the economy. >> don't adjust your sets, everybody. this is what bob sounds like today. >> this is a different exchange here. >> not doing your imitation of david? >> what do you think that the seasonal factors are a major...
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Dec 31, 2012
12/12
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keep in mind that the threat of tax heights going up is only one part of this so-called fiscal cliff. what we also have facing us starting tomorrow or automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a scalpel. it may not always be the smartest cuts. that is a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts, those also have to be balanced. my principle has always been to do things in a balanced, responsible way and that means revenues as to be part of the equation in turning off the sequester as well as spending cuts. the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do
keep in mind that the threat of tax heights going up is only one part of this so-called fiscal cliff. what we also have facing us starting tomorrow or automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a...